Revenue rise for Tiong Woon

Tiong Woon Corporation Holding has announced its results for the first nine months ending 31 March 2013, with a 32% rise in revenue to S$145.0 million (US$11.5 million).

The increased revenue is due to increase in contributions from the Heavy Lift and Haulage, Fabrication and Engineering, and Trading segments. Compared to a year ago, the Heavy Lift and Haulage segment was up 35% to S$110.1 million (US$87.5 million).

Gross profit went up by 59% to S$38.7 million (US$30.7 million) compared to S$24.4 million (US$19.3 million) in 2012.

Ang Kah Hong, Tiong Woon group chairman and managing director, said, “Despite the prevailing economic uncertainties and competitive environment in which Tiong Woon operates, our financial results have shown that we have done well.”

For the third quarter ended 31 March 2013, the Group registered revenue of S$45.3 million (US$36 million), an increase of 29% compared to 2012. The rise was mainly due to rise in contributions from Heavy Lift and Haulage, Fabrication and Engineering, and Trading segments, the company said. Heavy Lift and Haulage segment was up by 29% to S$35.6 million (US$28.2 million), compared to a year ago. The rise was mainly due to the increase in heavy lift and installation projects undertaken by the Group in the Asia Pacific region.

Gross profit for the Group went up by 70% to S$11.2 million (US$89 million) for the quarter ended 31 March 2013, mainly due to the increase in turnover and margins from Heavy Lift and Haulage, and Trading segments. Gross profit margin was 25% compared to 19% in the same corresponding quarter. The Group registered a profit before tax of S$4.1 million (US$3.2 million) compared to a loss of S$1.1 million (US$874,264) in the previous corresponding quarter.